Chapter 8 - Marketing 310 Chapter 8 Turning Marketing...

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Marketing 310 Chapter 8 Turning Marketing Information into Action Marketing Research The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and  recommending actions to improve an organizations marketing activities Decision A conscious choice from among two or more alternatives Five-Steps to Marketing Research 1. Define the Problem - Set research objectives     - Identify possible marketing actions 2. Develop the Research Plan     - Specify constraints     - Identify data needed for marketing actions     - Determine how to collect data 3. Collect Relevant Information by Specifying     - Secondary Data     - Primary Data 4. Develop Findings     - Analyze Findings     - Present Findings 5. Take Marketing Actions     - Identify action recommendations     - Implement action recommendations     - Evaluate Results Objectives Specific, measurable goals the decision maker seeks to achieve in solving a problem. Typical marketing objectives are  increasing revenues and profits, discovering what consumers are aware of and want, and finding out why a produce isn't  selling well. Measures of Success Effective decision makers specify measures of success, which are criteria or standards used in evaluating proposed solutions  to the problem Constraints The constraints in a decision are the restrictions placed on potential solutions by the nature and importance of the problem.  Common constraints in marketing problems are limitations on time and money available to solve
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Chapter 8 - Marketing 310 Chapter 8 Turning Marketing...

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